Trump approved unprecedented global tariffs — why isn't Russia on the list
news.online.ua
Thu, 03 Apr 2025 09:04:00 +0300
Trumps trade wars have affected almost the entire worldSpeaking in the Rose Garden near the White House, the US president announced very, very good news.
In a few minutes, I will sign a historic decree on reciprocal tariffs for countries around the world.
Reciprocal.
That means what they do to us, we will do to them.
Its very simple.
It couldnt be simpler.
Donald Trump President of the United States He criticized Thailand, India, Vietnam, and other countries for what he considered unfair tariff policies and tax regimes on American goods.
He cited as an example that the United States charges only 2.4 duty on motorcycles, while India charges 70 and Vietnam charges 75.Before signing the order, he also spent a long time describing the unfair tariffs that other countries had imposed on American goods.
Sometimes friends are worse than enemies, Trump said, referring to the high tariffs imposed by some allies like Japan.This is one of the most important days in American history.
This is our declaration of economic independence.
For countries that treat us badly, we will calculate the sum of their tariffs, nonmonetary barriers, and other forms of fraud.He also reiterated that at midnight on April 23, the US would impose a 25 tariff on all foreignmade cars.
He also announced the introduction of a universal or minimum base tariff on imports of 10.According to the decree, the US is imposing additional duties in the amount ofChina 34European Union 20Vietnam 46Taiwan 32Japan 24South Korea 25Thailand 36Switzerland 31Indonesia 32Malaysia 24Cambodia 49Great Britain 10South Africa 30Brazil 10Bangladesh 34Singapore 10Israel 17Philippines 17Chile 10Pakistan 29Sri Lanka 44Reciprocal tariffs will come into effect on April 9, 2025.
And all countries will start paying the minimum base tariff on April 5.
Moreover, the base tariff of 10 will be added to the tariffs imposed against specific countries.
This means, for example, that the tariff on Chinese goods will be 44 3410, and on goods from the EU 30 2010.
Canada and Mexico are not yet subject to reciprocal tariffs.For Ukraine, only a basic duty of 10 is being introduced.Interestingly, some countries are missing from the list of new tariffs, including Belarus, North Korea, and Russia.The NYT allegedly learned the reason for this decision.
The American publication cites a White House representative who spoke on condition of anonymity.A number of sanctioned countries are not affected by the reciprocal tariffs announced on Wednesday because they already face extremely high tariffs.Moreover, previously imposed American sanctions allegedly already make any fullfledged trade with these countries impossible.
According to Bloomberg, 33 trillion in global trade is under threat, with countries from Brazil to China facing a 4 to 90 reduction in exports to the US.
Average tariffs could rise by 15, fuelling inflation and increasing the risk of a US recession.
Under the maximum approach, average tariff rates in the US would increase to 2, which would lead to a 4 reduction in US GDP and an increase in prices of almost 2.5 over two to three years.The impact on trading partners in any scenario would be severe.
China, the EU, and India could lead the list of countries that would be hit hard by the impact on exports to the United States, although their economies could survive.
Canada and Southeast Asian countries are likely to experience a larger overall impact.
Latest news
more news